|
Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOMAL
GEMS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat
2-619 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.03.1989 |
|
|
|
|
Com. Reg. No.: |
436733986 |
|
|
|
|
Legal Form : |
Public
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale
of diamonds and other precious stones |
|
|
|
|
No. of Employees |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM - ECONOMIC OVERVIEW
This modern, open, and
private-enterprise-based economy has capitalized on its central geographic location,
highly developed transport network, and diversified industrial and commercial
base. Industry is concentrated mainly in the more heavily-populated region of
Flanders in the north. With few natural resources, Belgium imports substantial
quantities of raw materials and exports a large volume of manufactures, making
its economy vulnerable to volatility in world markets. Roughly three-quarters
of Belgium's trade is with other EU countries, and Belgium has benefited most
from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the
unemployment rate increased to 8.8% from 7.6% the previous year, and the
government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%.
Despite the relative improvement in Belgium's budget deficit, public debt
hovers around 100% of GDP, a factor that has contributed to investor
perceptions that the country is increasingly vulnerable to spillover from the
euro-zone crisis. Belgian banks were severely affected by the international
financial crisis in 2008 with three major banks receiving capital injections
from the government, and the nationalization of the Belgian retail arm of a
Franco-Belgian bank.
|
Source
: CIA |
|
Business number |
436733986 |
|
Company name |
KOMAL
GEMS NV |
|
Address |
HOVENIERSSTRAAT
2-619 |
|
|
2018
ANTWERPEN |
|
Number of staff |
2 |
|
Date of
establishment |
01/03/1989 |
|
Telephone number |
032269673 |
|
Fax number |
032269673 |
|
The business was
established over 25 years ago. |
|
The business has 1
employees. |
|
The business is
part of a group. |
|
This business has a
foreign parent business. |
|
The business has
been at the address for over 15 years. |
|
Operating Result in
the latest trading period increased 82% on the previous trading period. |
|
Pre-tax profits
increased by 21% compared to the previous trading period. |
|
The business saw a
decrease in their Cash Balance of 97% during the latest trading period. |
|
Turnover in the
latest trading period increased 26% on the previous trading period. |
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
161,348,352 |
315,036 |
13,728,498 |
20,204,131 |
|
31/12/2011 |
127,657,416 |
258,232 |
11,515,046 |
15,928,558 |
|
31/12/2010 |
137,710,378 |
227,796 |
9,927,673 |
15,525,604 |
|
Date
of latest accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2012 |
73,116,933 |
2 |
13,070,000 |
288,088 |
|
31/12/2011 |
64,024,168 |
2 |
11,106,000 |
238,408 |
|
31/12/2010 |
46,016,861 |
2 |
1,721,001 |
218,677 |
Past payments Payment
expectation days 62.45
Industry average payment
expectation days 129.29 Industry average day sales
outstanding 131.63
Day sales outstanding 134.58
|
Business
number |
436733986 |
Company
name |
KOMAL
GEMS NV |
|
Fax
number |
032269673 |
Date
founded |
01/03/1989 |
|
Company
status |
active |
Company
type |
Public Limited Liability Company (BE) |
|
Currency |
Euro
(€) |
Date
of latest accounts |
31/12/2012 |
|
Activity
code |
46761 |
Liable
for VAT |
yes |
|
Activity
description |
Wholesale of diamonds and other precious
stones |
VAT
Number |
BE.0436.733.986
Check VAT number |
|
Social
Balance Sheet |
Total |
|
||||
|
During
the reporting year |
|
|
||||
|
ended
31-12-2012 |
|
|
||||
|
Full-time
Employees |
2 |
|
||||
|
Part-time
Employees |
1 |
|
||||
|
Total
Fte Employees |
3 |
|
||||
|
|
|
|||||
|
Number
of hours worked |
|
|||||
|
Full-time
Employees |
3,625 |
|
||||
|
Part-time
Employees |
1,521 |
|
||||
|
Total |
5,146 |
|
||||
|
|
|
|||||
|
Personnel
Charges |
|
|||||
|
Full-time
Employees |
118,175 |
|
||||
|
Part-time
Employees |
49,585 |
|
||||
|
Total |
167,760 |
|
||||
|
Benefits
In Addition To Wages |
- |
|
||||
|
|
|
|||||
|
During
the previous reporting year |
|
|||||
|
Average
number employees in Fte |
3 |
|
||||
|
Actual
working hours |
5,210 |
|
||||
|
Type of Contract |
Full-Time |
Part-Time |
Total
Fte |
|
||
|
Unlimited Duration
Contracts |
2 |
1 |
3 |
|
||
|
Limited Duration
Contracts |
- |
- |
- |
|
||
|
Contracts For
Specific Work |
- |
- |
- |
|
||
|
Contracts Regarding
Substitution |
- |
- |
- |
|
||
|
|
|
|
|
|
||
|
|
||||||
|
Gender and
Education Level |
|
|
|
|
||
|
Men |
Full-Time |
Part-Time |
Total
Fte |
|
||
|
Primary education |
- |
- |
- |
|
||
|
Secondairy
education |
2 |
- |
2 |
|
||
|
Higher
education (non university) |
- |
- |
- |
|
||
|
Higher
education (university) |
- |
- |
- |
|
||
|
Women |
Full-Time |
Part-Time |
Total
Fte |
|
||
|
Primary education |
- |
- |
- |
|
||
|
Secondairy
education |
- |
1 |
1 |
|
||
|
Higher
education (non university) |
- |
- |
- |
|
||
|
Higher
education (university) |
- |
- |
- |
|
||
|
|
|
|
|
|
||
|
|
||||||
|
Working Category |
Full-Time |
Part-Time |
Total
Fte |
|
||
|
Management |
- |
- |
- |
|
||
|
White collar worker |
2 |
1 |
3 |
|
||
|
Blue collar worker |
- |
- |
- |
|
||
|
Other |
- |
- |
- |
|
||
|
|
|
|
|
|
||
|
|
||||||
|
Temporary personnel |
|
Total |
|
|
||
|
Average number of
temporary staff |
- |
|
|
|||
|
Actual working
hours |
|
- |
|
|
||
|
Cost of temporary
staff |
|
- |
|
|
||
|
|
|
|
|
|
||
|
|
||||||
|
New staff and leavers |
Full-Time |
Part-Time |
Total
Fte |
|
||
|
New Starters |
1 |
- |
1 |
|
||
|
Leavers |
1 |
- |
1 |
|
||
Description FROM 1 TO 4
EMPLOYEES
|
Description |
Additional
national joint committee for the employees |
Event Date 20/08/2013
Event Description re-appointment of
director(s)
Event Details Commentaar
20-08-2013: Herbenoemd als bestuurder voor een periode van zes jaar :
BVBALaxmi Jewel
Belgium.
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
161,348,352 |
26.39 |
127,657,416 |
-7.30 |
137,710,378 |
40,445,514 |
298 |
|
Total
operating expenses |
159,092,112 |
25.85 |
126,418,122 |
-6.99 |
135,914,490 |
40,129,325 |
296 |
|
Operating
result |
2,256,240 |
82.06 |
1,239,294 |
-30.99 |
1,795,888 |
128,804 |
1651 |
|
Total
financial income |
190,917 |
-49.47 |
377,846 |
2242 |
16,129 |
92,610 |
106 |
|
Total
financial expenses |
2,132,121 |
56.90 |
1,358,908 |
-14.22 |
1,584,221 |
183,719 |
1060 |
|
Results on ordinary operations before
taxation |
315,036 |
22.00 |
258,232 |
13.36 |
227,796 |
28,651 |
999 |
|
Taxation |
65,585 |
16.50 |
56,296 |
18.18 |
47,635 |
21,126 |
210 |
|
Results on ordinary operations after
taxation |
249,452 |
23.53 |
201,937 |
12.09 |
180,161 |
13,941 |
1689 |
|
Extraordinary
items |
0 |
- |
0 |
-100 |
3,776 |
-3,844 |
0 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
Net
result OTHER INFORMATION |
249,452 |
23.53 |
201,937 |
9.79 |
183,937 |
10,119 |
2365 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
50,531 |
- |
|
Dividends |
- |
- |
- |
- |
- |
168,887 |
- |
|
Director
remuneration |
- |
- |
- |
- |
- |
108,143 |
- |
|
Employee
costs |
167,760 |
0.79 |
166,441 |
12.56 |
147,866 |
137,902 |
21.65 |
|
Wages and salary |
134,132 |
0.94 |
132,886 |
22.22 |
108,724 |
118,594 |
13.10 |
|
Employee pension costs |
- |
- |
- |
- |
- |
12,737 |
- |
|
Social security contributions |
31,116 |
4.08 |
29,895 |
21.45 |
24,615 |
29,295 |
6.22 |
|
Other employee costs |
2,512 |
-31.35 |
3,660 |
-74.81 |
14,527 |
4,861 |
-48.32 |
|
Amortization
and depreciation |
38,636 |
5.94 |
36,471 |
4.98 |
34,740 |
18,054 |
114 |
|
Annual
accounts |
31-12-2012 |
|
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,197 |
-100 |
|
Tangible
fixed assets |
539,496 |
0.22 |
538,322 |
-5.43 |
569,223 |
188,724 |
185 |
|
Land & building |
453,186 |
-3.49 |
469,574 |
-3.37 |
485,963 |
372,714 |
21.59 |
|
Plant & machinery |
22,919 |
-4.41 |
23,978 |
-1.12 |
24,249 |
25,397 |
-9.76 |
|
Furniture & Vehicles |
63,391 |
41.59 |
44,770 |
-24.13 |
59,011 |
16,91
8 5,029 |
274 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
139,170 30,812 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
11,599 |
-100 |
|
Financial
fixed assets |
14,880 |
0 |
14,880 |
0 |
14,880 |
234,444 |
-93.65 |
|
Total
fixed assets |
554,376 |
0.21 |
553,202 |
-5.29 |
584,103 |
343,083 |
61.59 |
|
Inventories |
12,864,881 |
-15.30 |
15,189,450 |
271 |
4,089,497 |
2,721,405 |
372 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
7,018,491 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,513 |
-100 |
|
Finished goods |
12,864,881 |
-15.30 |
15,189,450 |
271 |
4,089,497 |
1,752,867 |
633 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
456,148 |
-100 |
|
Trade
debtors |
59,489,167 |
44.78 |
41,090,720 |
-0.11 |
41,
135,367 |
3,673,672 |
1519 |
|
Cash |
1
87,438 |
-97.38 |
7,161,945 |
3760 |
185,503 |
207,138 |
-9.51 |
|
other
amounts receivable |
9,817 |
-20.86 |
12,404 |
-4.28 |
12,959 |
211,968 |
-95.37 |
|
Miscellaneous
current assets |
11,254 |
-31.57 |
16,447 |
74.37 |
9,432 |
14,803 |
-23.98 |
|
Total
current assets |
72,562,557 |
14.32 |
63,470,966 |
39.70 |
45,432,758 |
6,367,592 |
1039 |
|
Total
Assets |
73,116,933 |
14.20 |
64,024,168 |
39.13 |
46,016,861 |
6,672,355
1,217,713 |
995 |
Trade creditors 27,220,008 7.28 25,373,182 110 12,028,055 2,805,074 870
Short term group loans - - - - - - -
Financial debts 24,514,097 22.59
19,996,304 16.83 17,115,736
3,634,924 574
150,514
Current portion of long term debt 72,676 4.73 69,392 4.56 66,365 90,989 14,264 -20.13
Amounts Payable for Taxes,
Remuneration & Social Security
77,619 33.81 58,009 66,23 34,896 8,657 118
Miscellaneous current liabilities 474,025 -76.83 2,045,521 208 662,102 59.52 --
Total current liabilities 52,358,425 10.13 47,542,408 58.97 29,907,154 4,757,908 1000
Long term debts and liabilities
Long term group loans - - - - - - --
Other long term loans 7,030,010 41.54 4,966,714 -19.66 6,182,034 574 --
Deffered taxes - - - - - 38,865 26,358 -
Provisions for Liabilities & Charges 0 - 0 - 0 3,980 0 -100
Other long term liabilities 0 - 0 - 0 92,287 -100
Total long term debts 7,030,010 41.54 4,966,714 -19.66 6,182,034 499,496 1307
shareholders equity
Issued share capital 13,070,000 17.68 11,106,000 545 1,721,001 887,986 1371
Share premium account - - - - - 89,810 -
Reserves 658,498 60.98 409,046 -95.02 8,206,672 542,640 21.35
Revaluation reserve - - - - - 927,466 -
Total shareholders equity 13,728,498 19.22 11,515,046 15.99 9,927,673 1,456,756 842
Working capital 20,204,131 26.84 15,928,558 2.60 15,525,604 1,655,487 1120
Cashflow 288,088 20.84 238,408 9.02 218,677 25,147 1045
Net worth 13,728,498 19.22 11,515,046 15.99 9,927,673 1,454,007 844
|
Annual accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry
average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.20 |
0 |
0.20 |
17.65 |
0.17 |
-10,00 |
2.00 |
|
Return on capital
employed |
1.52 |
-3.18 |
1.57 |
11.35 |
1.41 |
39,00 |
-96.10 |
|
Return on total
assets employed |
0.43 |
7.50 |
0.40 |
-20.0 |
0.50 |
-292,00 |
0.15 |
|
Return on net
assets employed |
2.29 |
2.23 |
2.24 |
-2.18 |
2.29 |
26,00 |
-91.19 |
|
Sales / net working
capital |
7.99 |
-0.25 |
8.01 |
-9.70 |
8.87 |
64,00 |
-99 |
|
Stock turnover
ratio |
7.97 |
-33.03 |
11.90 |
300 |
2.97 |
88,00 |
-90.94 |
|
Debtor days |
134.58 |
14.55 |
117.49 |
7.76 |
109.03 |
148,00 |
-9.07 |
|
Creditor days SHORT TERM
STABILITY |
62.45 |
-14.76 |
73.26 |
126 |
32.30 |
192,00 |
-67.47 |
|
Current ratio |
1.39 |
3.73 |
1.34 |
-11.84 |
1.52 |
6,00 |
-87.36 |
|
Liquidity ratio /
acid ratio |
1.14 |
11.76 |
1.02 |
-26.09 |
1.38 |
4,00 |
-71.50 |
|
Current debt ratio |
3.81 |
-7.75 |
4.13 |
37.21 |
3.01 |
11,00 |
-65.36 |
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
230.30 |
5.94 |
217.39 |
-7.63 |
235.34 |
259,00 |
-11.08 |
|
Equity in
percentage |
18.78 |
4.39 |
17.99 |
-16.60 |
21.57 |
-3.364,00 |
0.56 |
|
Total debt ratio |
4.33 |
-5.04 |
4.56 |
25.27 |
3.64 |
12,00 |
-63.92 |
Activity code 46761
Activity description Wholesale of
diamonds and other precious stones
Payment expectation days 62.45
Day sales outstanding 134.58
Payment expectations
Company result 62.45
Lower 126.89
Median 76.39
Upper 45.69
Company result 134.58
Lower 105.52
Median 55.26
Upper 26.47
|
Day sales
outstanding |
|
|
Company result |
134.58 |
|
Lower |
106.72 |
|
Median |
55.71 |
|
Upper |
26.51 |
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
|
Forename |
Rakesh Girdharlal |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
05/10/2011(estimated) |
End
date |
- |
|
Street name |
Van Eycklei |
House
number |
45 |
|
Minor town |
- |
Postal
town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Girdharbhai |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End
date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
Van Eycklei |
House
number |
45 |
|
Minor town |
- |
Postal
town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Shaileshkumar |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End
date |
- |
|
Percentage owned – |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House
number |
- |
|
Minor town |
- |
Postal
town |
- |
|
Post code |
- |
Country |
- |
|
SHAREHOLDER NAME |
|||
|
Forename |
Lalithbhai |
Middle
name |
- |
|
Surname |
Bhardia |
|
|
|
SHAREHOLDER DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End
date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House
number |
- |
|
Minor town |
- |
Postal
town |
- |
|
Post code |
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Country |
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Business number 436733986
There is no bankruptcy data against this company
Legal event type Social Security
Summons
Legal event sub type
Event date 08/01/2013 Secondary
event date
Court number Registry
body identfier
Court type Employment Court Court name Antwerpen
3rd party name Rijksdienst voor
Sociale Zekerheid 3rd party type Summoning Party
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible
only due to combination of the manufacturing skills of the Indian workforce and
the untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a global
voluntary regulatory standard on bank capital adequacy, stress testing and
market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.97.69 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.